President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan has vowed $50 billion to tackle climate change around the world after participating in a meeting held by US President Joe Biden.
Sheikh Mohamed stated the UAE had invested over $50bn in renewable energy projects around 40 nations, and it intends to double that during the next decade.
He took part in heads of state from 17 economies accounting for 80% of worldwide GDP, population and greenhouse gas emissions during an online meeting on Friday, 17 June.
NDC (Nationally Determined Contribution) is an action plan to cut down emissions and adjust to climate change effects.
Sheikh Mohamed stated, “We look ahead to conducting the world at Cop 28 and accelerating progress on environment action via an inclusive, practical and integrated approach.”
The Minister of Climate Change and Environment, Mariam Al Mheiri, stated the $50bn investment underlined the nation’s commitment towards addressing environmental problems globally.
The 28th UN global climate talks will be hosted by the Emirates in 2023.
While addressing the leaders, Sheikh Mohamed said that climate change should be addressed by cooperation.
He stated the UAE has long held the plan that climate action is a chance to get new pathways for social and economic development, with an emphasis on practical solutions that can help all nations.
The UAE is taking measures to address climate change and pace up the worldwide energy transition.
The Emirate was the first nation in the region to sign and approve the Paris Agreement and the first to commit to an economy-wide decline in emissions and reveal a net zero by 2050 initiative.
The UAE has also funded in renewable and clean energy, both internationally and domestically.
It is also the first to utilise powerful nuclear energy and has three of the largest and lowest-cost solar plants globally.